Page 75 - CityofMansfieldFY23Budget

General Fund Revenue Composition
2022-2023 Budget

Permits Transfers Other
Fines & Fees 3% 5% 3%
3%
Franchise Tax
9%

Sales Tax Property Tax
21% 56%

Property Tax Revenue

Property tax accounts for approximately 56% of all revenue in the General Fund. Property tax revenue is
budgeted at $48,952,607 in FY 2022-2023, an increase of 12.77% or $5,543,936 over the FY 2021-2022
budget. The increase in property tax is from an increase in existing and new property valuations as well as
new growth. It reflects a 12% homestead exemption for residential homeowners. A 10% homestead was
approved and implemented in FY 2020-2021, and during the FY 2022-2023 budget process, City Council
approved an additional 2%. New construction activity in FY 2022-2023 is anticipated to stay on pace as
economic conditions improve and commercial and retail developments increase. Property tax estimates
are based on the valuation of real and personal property within the City of Mansfield. In 2022, the average
taxable value of an existing residential home increased approximately 8.9%. New construction in 2022
was valued at approximately $528,726,025, or $3,595,337 in property taxes.

Average Taxable Property Value
20%
15%
10%
5%
0%
-5%
-10%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

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